I just read that one of our suppliers in Vietnam is getting rid of more than 6k jobs. Layoffs are not just happening in astonishing numbers in the U.S. but also around the world. It's only a matter of time before we're hit once again. I'm worried about what Nike will look like before the end of this year.
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Everyone is hearing about high-profile layoffs in the tech world and extrapolating too much from that. Google, Meta, Amazon, and other tech companies massively overhired during the pandemic and are now rightsizing their companies.
Meanwhile the unemployment rate is at a 52-year low, quarterly job creation reports keep blowing away expectations, and companies that actually make useful products are still having a very difficult time finding skilled, qualified workers. And in case nobody noticed, Nike’s last earnings report was mostly fantastic.
The layoff fear at Nike is largely overblown. Honestly I think most of that fear is lingering PTSD from the last layoff. But until you start seeing Nike cr-p the bed with its earnings reports you probably shouldn’t obsess over losing your job. It isn’t healthy nor is it productive.
That’s not too surprising. We screwed the pooch on last year’s inventory estimates, bought way too much. Which would have forced our suppliers to hire way too much.
Layoffs in general, not just at Nike. That's what I meant. But Nike will join soon.
Layoffs at Nike? Who? Where? What the f*ck are you smoking?